Home  »  Company  »  Maxheights Infra  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Maxheights Infrastructure Ltd.

Mar 31, 2015

Note 1:

CORPORATE INFORMATION

MAXHEIGHTS INFRASTRUCTURE LIMITED ('the Company') incorporated in India on July 28, 1981, a company incorporated under the laws of India. The Company's shares are publicly traded on the Bombay Stock Exchange ('BSE'), India and Calcutta Stock Exchange. The Registered office of the Company is situated at SD - 65, Tower Appartments Pitampura New Delhi -110034 Note 2:

BASIS OF PREPARATION

The financial statements of the Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The financial statements have been prepared to comply in all material respects with the accounting standards notified under the Companies (Accounts) Rules, 2015 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year, except for the change as explained in note the below.

I. BACKGROUND

The Scheme of amalgamation was filed under section 391 read with section 394 of the Companies Act'1956 w.e.f. 01.04.2007 for amalgamation of the following transferor companies namely:-

a) INDOVEST FINANCIAL SERVICES LIMITED (IFSL) (Which was in to the business of finance and real estate.)

b) NORTH DELHI CONSTRUCTION AND INVESTMENT PVT. LTD. (NDCIPL) (Which was in to the business of Real Estate activities.)

c) SHYAM MOTELS PRIVATE LIMITED (SMPL) (Which was in to the business of entertainment activities.)

With the transferee Company i.e. M/s MAX HEIGHTS INFRASTRUCTURE LIMITED (MHIL)

The same has been approved by the H'ble Delhi High Court vide order no 2246 dated 17th March '2009. The Scheme of amalgamation where under the transferor Companies are to be amalgamated in its present form or with any modification(s) approved or imposed or directed by members of the respective companies and/or by competent authority and/or by the court.

II. CURRENTASSETS

In the opinion of the management, current assets, loans & advances have the value on the realization in the ordinary course of business equal to the amount at which they are stated and all known liabilities have been adequately provided for.

VI. DETAILSOF DUESTO MICROANDSMALL ENTERPRISESAS DEFINED UNDERTHE MSMEDACT, 2006

The information regarding applicability of MSMED Act, 2006 to the various suppliers/parties is not available with the assessee, hence information as required vide Clause 22 of Chapter V of MSMED Act, 2006 is not been given.

IX. SEGMENTAL REPORTING

The segmental reporting of the company has been prepared in accordance with accounting standard (AS-17), Accounting for Segment reporting issued by The Institute of Chartered Accountants of India.

Segment reporting Policies:-

a) Identification of SegmentsPrimary-Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financing of vehicles and other finance, Real Estate business and dealing in stock and shares. Secondary-Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

c) Segment assets and liabilities represent assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as unallocated assets and liabilities.


Mar 31, 2014

(i) Equity shares: The company has only one class of equity shares having face value of Rs. 10/- each. Each Shareholder is eligible for one vote per share held.

Note : As Information provided by the management Share Application Money of Rs. 62633723.00 will be allotted/refunded within 60 days from the date of Balance Sheet.

Note (i) - 0 D Limit of 38 lakh from National Bank is secured against Fixed Deposit of Rs. 40 lakhs with Nainital Bank.

Note : As the company has not received any information from any of the creditors of their being a micro or small scale industries undertaking hence amount due to micro or small scale industrial undertaking as on the balance sheet are not ascertainable.

1. AMALGAMATION

The Scheme of amalgamation was filed under section 391 read with section 394 of the Companies Act''1956 w.e.f. 01.04.2007 for amalgamation of the following transferor companies namely:-

a) INDOVEST FINANCIAL SERVICES LIMITED (IFSL)( Which is into the business of finance and real estate.

b) NORTH DELHI CONSTRUCTION AND INVESTMENT PVT. LTD. (NDCIPL) (Which is in to the business of Real Estate activities.

c) SHYAM MOTELS PRIVATE LIMITED (SMPL) (Which is in to the business of entertainment activities.) With the transferee Company i.e. M/s MAX HEIGHTS INFRASTRUCTURE LIMITED (MHIL)

The same has been approved by the Hon''ble Delhi High Court vide order no 2246 dated 17th March ''2009. The Scheme of amalgamation where under the transferor Companies are to be amalgamated in its present form or with any modification(s) approved or imposed or directed by members of the respective companies and/or by competent authority and / or by the court.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR:

2013-2014 2012-2013

Contingent Liability not provided For Nil Nil

3. INVESTMENT

Investments has been valued at Cost.

4. DEFERRED TAX

Deferred Tax assets has been provided for in accordance with Accounting Standard 22-Accounting for taxes on income issued by The Institute of Chartered Accountants of India.

5. DEBTORS & CREDITORS

Balances appearing as Debtors & Creditors are subject to confirmation.

6. CURRENT ASSETS

In the opinion of the Management, current assets, loans & advances have the value on realization in the ordinary course of business equal to the amount at which they are stated and all known liabilities have been adequately provided for.

7. PROVISION FOR INCOME TAX AND FBT

Provision for income Tax of Rs. Rs. 17.69 Lacs has been made in the accounts for the year ending 31st March''2014, which has been worked out on the basis of taxable income as per the income Tax Act''1961.

8. SEGMENTAL REPORTING

The segmental reporting of the company has been prepared in accordance with accounting standard (AS-17), Accounting for Segment reporting issued by The Institute of Chartered Accountants of India.

Segment reporting Policies:-

a) Identification of Segments :- Primary - Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financing of vehicles and other finance, Real Estate business and dealing in stock and shares.

Secondary - Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

c) Segment assets and liabilities represents assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as unallocated assets and liabilities

9. EARNING PER SHARE

a) Earnings per Share ( EPS) for the year has been computed in accordance with the Accounting Standard - 20 issued by the Institute of Chartered Accountants of India after considering provision for net deferred tax liability/ asset and reversal of provisions no further required for the year.

10. Cash in hand has been certified by the management at the close of the year.

11. Previous year''s figures have been regrouped/recast wherever necessary. The Previous years figures are the figures of the company for the previous year alone where as the current years figures are after the amalgamation of 3 transferor companies with this transferee company.

12. Note "1" to 25"" forms the integral part of the balance sheet and profit and loss account.


Mar 31, 2013

1.0 SEGMENTAL REPORTING The segmental reporting of the company has been prepared in accordance with accounting standard (AS-17), Accounting for Segment reporting issued by The Institute of Chartered Accountants of India.

Segment reporting Policies:-

a) Identification of Segments :- Primary - Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financing of vehicles and other finance, Real Estate business and dealing in stock and shares.

Secondary - Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

c) Segment assets and liabilities represents assets and liabilities in respective segments. Investments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as unallocated assets and liabilities

2.0 EARNING PER SHARE

a) Earnings per Share ( EPS) for the year has been computed in accordance with the Accounting Standard - 20 issued by the Institute of Chartered Accountants of India after considering provision for net deferred tax liability/ asset and reversal of provisions no further required for the year.

b) Earning per Share (EPS) for the computation as per AS-20

Profit Available for Appropriation

As per Profit & loss Account 53.39 Lacs

No. of Equity Shares 1,4136,675 Equity Shares

Nominal Value per Equity Share Rs. 10/-

Basic and Diluted EPS (Rs.) 0.38 Per Share

3.0 Cash in hand has been certified by the management at the close of the year.

4.0 Previous year''s figures have been regrouped/recast wherever necessary.

5.0 Note "1" to "25" forms the integral part of the balance sheet and profit and loss account.


Mar 31, 2012

1.0 AMALGAMATION

The Scheme of amalgamation was filed under section 391 read with section 394 of the Companies Act,1956 w.e.f. 01.04.2007 for amalgamation of the following transferor companies namely:-

a) INDOVEST FINANCIAL SERVICES LIMITED(IFSL)( Which is into the business of finance and real estate.)

b) NORTH DELHI CONSTRUCTION AND INVESTMENT PVT. LTD. (NDCIPL) (Which is into the business of Real Estate activities.)

c) SHYAM MOTELS PRIVATE LIMITED (SMPL) (Which is into the business of entertainment activities.) With the transferee Company i.e. M/s MAX HEIGHTS INFRASTRUCTURE LIMITED (MHIL)

The same has been approved by the Hon'ble Delhi High Court vide order no 2246 dated 17th March, 2009. The Scheme of amalgamation where under the transferor Companies are to be amalgamated in its present form or with any modification(s) approved or imposed or directed by members of the respective companies and/or by competent authority and / or by the court.

2.0 CONTINGENT LIABILITIES NOT PROVIDED FOR: (/Lakh)

2011-12 2010-11

Contingent Liability not provided for Nil Nil

3.0 INVESTMENT

Investments has been valued at Cost.

4.0 DEFERRED TAX

Deferred Tax assets has been provided for in accordance with Accounting Standard 22-Accounting for taxes on income issued by The Institute of Chartered Accountants of India. The accumulated net deferred asset after amalgamation up to 31.03.2012 amounting to Rs. 6873/-. The same has been worked out after the amalgamation of all the companies.

5.0 DEBTORS & CREDITORS

Balances appearing as Debtors & Creditors are subject to confirmation.

6.0 CURRENT ASSETS

In the opinion of the Management, current assets, loans & advances have the value on realization in the ordinary course of business equal to the amount at which they are stated and all known liabilities have been adequately provided for.

7.0 PROVISION FOR INCOME TAX AND FBT

Provision for income Tax of Rs. 11.86 Lacs has been made in the accounts for the year ending 31st March, 2012, which has been worked out on the basis of taxable income as per the Income Tax Act, 1961.

8.0 SEGMENTAL REPORTING

The segmental reporting of the company has been prepared in accordance with accounting standard (AS-17), Accounting for Segment reporting issued by The Institute of Chartered Accountants of India. Segment reporting Policies:-

a) Identification of Segments :- Primary - Business Segment

Before Amalgamation the company was a single segment company. After amalgamation of three Transferor Companies, the company has identified three reportable segments viz. financ- ing of vehicles and other finance, Real Estate business and dealing in stock and shares. Secondary - Geographical Segments

The company operates entirely in India and hence no geographical segment has been made.

b) Revenue and expenses have been identified to the segment on the basis of relationship to operating activities of the segment. Revenue and expenses which relate to enterprise as a whole and are not allocable to a segment on reasonable basis have been disclosed as unallocable expenses.

c) Segment assets and liabilities represents assets and liabilities in respective segments. Invest- ments, tax related assets and other assets and liabilities that cannot be allocated to a segment on reasonable basis have been disclosed as unallocated assets and liabilities

9.0 EARNING PER SHARE

a) Earnings per Share ( EPS) for the year has been computed in accordance with the Accounting Standard - 20 issued by the Institute of Chartered Accountants of India after considering provision for net deferred tax liability/ asset and reversal of provisions no further required for the year.

10.0 Cash in hand has been certified by the management at the close of the year.

11.0 Previous year's figures have been regrouped/recast wherever necessary. The Previous years figures are the figures of the company for the previous year alone where as the current years figures are after the amalgamation of 3 transferor companies with this transferee company.

12.0 Note "1" to "25" forms the integral part of the balance sheet and profit and loss account.

 
Subscribe now to get personal finance updates in your inbox!